Japan’s Current Account Surplus Hit Record $131.35 Billion in ’93

Japan’s current account surplus ballooned 12% in 1993 to a record $131.35 billion, the Finance Ministry announced Monday.

The current account is a broad measure of a nation’s international financial flows and includes merchandise trade, services and tourism. The surplus grew from $117.55 billion in 1992.

Japan’s huge trade surplus continues to be a source of tension between Japan and its trading partners. The United States in particular has expressed frustration over the lack of progress in trade talks aimed chiefly at creating greater access to Japan’s markets.

In dollar terms, both imports and exports rose in 1993 as Japan’s economy faltered into recession. Imports grew 5.7% to $209.85 billion, while exports swelled 6.2% to $351.28 billion.

When expressed in yen, however, the current account surplus fell 2.0%, the ministry said. In 1992, it had jumped 53%.

The yen’s appreciation during the past year has inflated dollar-denominated trade figures.